Month-over-month changes in rent prices increased more than 4 percent for one-bedrooms in July. Two-bedrooms were up just under 3 percent, a shift from prices that remained flat in June and a signal that rent prices may take longer to moderate than previously expected.
North Carolina saw broad increases this month as several cities in the Southern state are in flux. Rents for one-bedrooms in Greensboro, NC, increased by 74 percent year-over-year. This city of fewer than 300,000 residents accompanies Raleigh, Durham and Fayetteville in this month's rent increases. In Orange County, CA, rents dropped year-over-year in Anaheim and Irvine, two previous hot spots among the Los Angeles' suburbs.
Let's look at where rent prices stand today.
National average rent price trends
Nationwide rent prices in July were up month-over-month. One-bedrooms saw the greatest increase at 4.1 percent or nearly $70. Two-bedrooms weren't far behind increasing by nearly $60, or 2.8 percent.
Year-over-year increases continue at a steady pace, blowing past the 30 percent barrier for both bedroom types. Experts had expected the end of summer to usher in a period of moderate price increases. So far, that hasn't been the case as prices and inventory in the housing market remain strong and mortgage rates are volatile.
City average rent price trends
At the city level, rising prices remain the norm. Greensboro, NC, saw the largest increase year-over-year this month, followed by Newport News, VA, and Tulsa, OK. Further down the east coast, Florida's Jacksonville, Miami and Ft. Lauderdale all experienced price cuts.
One-bedroom city average rent price trends
The following cities have experienced the biggest increases in one-bedroom rent prices year-over-year. Five of these cities — Greensboro, NC; Newport News, VA; Little Rock, AR; Richmond, VA and Rochester, NY — have populations of 300,000 or less.
Greensboro, NC (+74.2 percent)
Newport News, VA (+60.7 percent)
Tulsa, OK (+59.8 percent)
Long Beach, CA (+48.5 percent)
Raleigh, NC (+42.1 percent)
Little Rock, AR (+41.8 percent)
Lexington, KY (+39.2 percent)
Richmond, VA (+38.1 percent)
Oklahoma City, OK (+36.5 percent)
Rochester, NY (+34.9 percent)
The following cities have experienced the biggest decreases in one-bedroom rent prices year-over-year. Four of these cities — Fort Lauderdale, FL; Glendale, AZ; Irvine, CA and Reno, NV — have populations of 300,000 or less.
St. Louis, MO (-39.4 percent)
Fort Lauderdale, FL (-34.9 percent)
Baltimore, MD (-26.9 percent)
Glendale, AZ (-22.1 percent)
Anaheim, CA (-20.1 percent)
Jacksonville, FL (-13.2 percent)
Miami, FL (-12.3 percent)
Irvine, CA (-9.6 percent)
Cleveland, OH (-9.4 percent)
Reno, NV (-8.8 percent)
Two-bedroom city average rent price trends
The following cities have experienced the biggest increases in two-bedroom rent prices year-over-year. Five of these cities — Little Rock, AR; Durham, NC; Fremont, CA; Fayetteville, NC and Greensboro, NC — have populations of 300,000 or less.
Seattle, WA (+59.9 percent)
Little Rock, AR (+54.7 percent)
Durham, NC (+54.2 percent)
Tucson, AZ (+46.4 percent)
Fremont, CA (+44.8 percent)
Raleigh, NC (+44.8 percent)
Pittsburgh, PA (+43.7 percent)
Fayetteville, NC (+43.2 percent)
Greensboro, NC (+43.1 percent)
Colorado Springs, CO (+40.9 percent)
The following cities have experienced the biggest decreases in two-bedroom rent prices year-over-year. Five of these cities — Fort Lauderdale, FL; Des Moines, IA; Aurora, IL; North Las Vegas, NV and Lincoln, NE — have populations of 300,000 or less.
Fort Lauderdale, FL (-42.6 percent)
St. Louis, MO (-28.2 percent) w
Des Moines, IA (-20.6 percent)
Miami, FL (-18 percent)
Aurora, IL (-15.3 percent)
Kansas City, MO (-14.9 percent)
Aurora, CO (-14 percent)
North Las Vegas, NV (-12.8 percent)
Lincoln, NE (-8.5 percent)
Corpus Christi, TX (-8.4 percent)
You can find the full article by Jon Leckie on Rent.com.